Credomatic Merchant Services Review

Credomatic Overview

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A BAC Credomatic Network Subsidiary

Credomatic Merchant Services, also known as Credomatic of Florida, Inc., is a merchant account provider that was founded in 1981. The company is a U.S.-based subsidiary of BAC Credomatic Network and appears to rely on TSYS for its processing network. The company provides retail merchants with Global Bay Merchant POS systems while offering restaurants Focus POS, Ordyx, and Ambur.

Headquartered in Miami, Florida

The company’s U.S.A. headquarters is located at 9150 S Dadeland Blvd Ste 800, Miami, Florida 33156-7836. The company is an ISO/MSP of BAC Florida Bank, Miami, Florida, and the CEO of Credomatic is Rodolfo Tabash Espinach.

Credomatic Review Table of Contents

  • Costs & Contract: Credomatic Merchant Services appears to offer a three-year agreement with interchange-plus pricing and an early termination fee of up to $1,500. The company provides Authorize.Net, Pay Flow Pro, and TSYS Webpass as payment gateway options.
  • Complaints & Service: Credomatic Merchant Services has received fewer than 10 public complaints.
  • BBB Rating: Credomatic Merchant Services has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
  • Sales & Marketing: Credomatic Merchant Services does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Credomatic Merchant Services.

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Products & Services Offered

Types of Businesses Served

  • Retail
  • Restaurant
  • E-commerce
  • MOTO

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Credomatic Rates, Fees, and Costs

Key Points

Swiped Rate Interchange-Plus
Keyed-in Rate Interchange-Plus
Monthly Statement Fee $10 Per Month
Monthly Minimum Fee $25
Early Termination Fee $250+
PCI Compliance Fee $7.50 Per Month
Equipment Lease Terms Undisclosed

Interchange-Plus Pricing

The standard Credomatic Merchant Services contract is a three-year agreement with automatic one-year renewal, an early termination fee of $250, a monthly minimum fee of $25, a $10 monthly statement fee, and a PCI Compliance fee of $7.50 per month. The Credomatic website actively promotes interchange-plus pricing for all merchants.

Potentially High Early Termination Fee

One version of the company’s terms and conditions, which appears to be newer than the document referenced above, lists an early termination fee of $1,500. This is an egregiously high amount for a cancellation fee, and it’s surprising that it hasn’t generated more complaints for the company. The possibility of this fee is enough to exclude Credomatic Merchant Services from our list of the cheapest merchant accounts. It’s possible that the full $1,500 isn’t charged to most merchants, but they should be wary of this possible fee before signing up for service.

Below-Average Contract Terms

Overall, these contract terms are below-average for the industry, but we have not located any Credomatic Merchant Services complaints that specifically mention the company’s pricing and fees as a point of dissatisfaction. We will therefore award Credomatic Merchant Services a rating of “C” in this category.

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Response from Credomatic

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Credomatic Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

No Complaints

Credomatic Merchant Services is not showing any complaints that accuse the company of being a ripoff or a scam. In fact, the company is showing 0 total online complaints. The company hires in-house relationship managers that are appointed to specific merchants, which seems to be a highly effective tactic for resolving complaints before they go public.

Credomatic Merchant Services Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Credomatic Merchant Services. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Credomatic Merchant Services Customer Support Options

While the company does not rank as a top payment processor for quality customer service, its use of relationship managers and the presence of a dedicated support phone number on its website are promising signs. If you have any experience with Credomatic Merchant Services customer service, please describe that communication in the comment section of this review.

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Response from Credomatic

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Credomatic BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No BBB Complaints

Credomatic Merchant Services is not an accredited business of the Better Business Bureau and currently maintains an “A+” rating. The company has received 0 complaints in the past three years. Credomatic Merchant Services has also received 0 informal reviews on its BBB profile.

An “A” Performance

In light of the company’s clean complaint record, we agree with the BBB’s rating at this time. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Response from Credomatic

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

Credomatic Sales Approach

Credomatic appears to utilize referral programs and W2-employed sales agents to market its services. The use of W2 agents tends to allow a company to exercise greater control over the conduct of its agents, resulting in lower merchant complaints. We are unable to find any Credomatic reviews that mention the company’s sales team, which suggests that its agents are well trained and appropriately regulated. That said, we always recommend that merchants consider a third-party statement audit to find and eliminate hidden fees.

No Deceptive Advertising

As another point in the company’s credit, Credomatic also does not appear to engage in any deceptive advertising strategies in its official materials. We will therefore award it an “A” in this category.

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Response from Credomatic

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Credomatic Marketing Example

Credomatic Merchant Services Logo

Our Opinion of Credomatic

An Above-Average Option

Credomatic Merchant Services rates as a reliable credit card processor according to our criteria. The company is showing zero public complaints and appears to place an emphasis on quality customer service and transparent sales strategies. The one factor lowering its score is its industry-average contract. Merchants are still advised to read all documentation before signing up with the company and to compare its costs with those offered by top-rated merchant services providers.

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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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